Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Felix Omatsola Ogbe, has urged Nigeria to position itself as an attractive hydrocarbon investment destination as the global energy landscape evolves.
He added that the country should become a beacon of sustainable development powered by local companies.
He spoke while delivering his welcome address at the 5th Edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) 2025 in Yenagoa, Bayelsa State on Wednesday. The theme of the conference is: “Driving Investment and Production Growth: Shaping a Sustainable Oil and Gas Industry through Indigenous Capacity Development.”
He stated that the forum provided the participants with a strategic platform to share forward-looking insights, showcase upcoming projects, and deepen collaboration across the oil and gas value chain.
He said that more importantly, it reminded them of the power of local capacity innovation, and inclusive partnerships in shaping the future of our industry.
According to him, the theme coincided with the 15th year anniversary of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010.
Ogbe said: “Following the establishment of the Board, we created a 10 years road map to deepen local participation and increase the participation of Nigerians in the activities of the oil and gas industry. Today, we have moved from 5% in-country value retention in 2010 to 56% in December 2024.
“As the global energy landscape evolves, Nigeria must position herself as an attractive hydrocarbon investment destination and also as a beacon of sustainable development powered by local companies.
“Since the enactment of the NOGICD Act in 2010, we have made remarkable progress in building the capability and capacity of Nigerians and of Nigerian companies, attracting critical investments in-country, and enhancing value retention.
“In a bid to revitalize Nigeria’s oil and gas sector, President Bola Ahmed Tinubu signed three Executive Orders. These Orders are designed to leverage the nation’s resources and position Nigeria as the preferred investment destination for the oil & gas sector in Africa.”
He added: “What we do in the Board has been further reiterated by President Bola Tinubu’s newly introduced “Nigeria First Policy,” it is a “bold, forward-thinking move” for our Nigerian Content drive. We must commend Mr. President for this laudable initiative.
“Today, we are proud to say that Nigerian content has moved from aspiration to execution. From well equipped, ISO certified fabrication yards in Port Harcourt, Warri, Lagos, to modular refineries in Imo and Delta States, and from pipe mills to marine vessel ownership, Nigerians are not just participating—they are delivering at the highest level.
“However, the real opportunity lies ahead. As we move towards rebalancing our economy and increasing oil and gas production, it is imperative that we deepen indigenous participation—not only in upstream services but across midstream and downstream operations.”
The ES said the sale of onshore assets by the International Oil Companies (IOCs) to indigenous companies is a bold step and strategic shift towards deeper local participation and value retention.”
He said: “I am happy to announce that the Board alongside other stakeholders recently formed the Africa Energy Bank with the proposed Headquarters in Abuja. The Bank will be open for business before the end of the 2nd quarter in 2025. We are hopeful that this will create more funding availability for local companies.”
The Commission Chief Executive (CCE), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, commended the Nigerian Content Development and Monitoring Board (NCDMB), in partnership with Jake Riley Limited, for organizing the event and creating a platform for Nigerian companies to showcase their capabilities in the oil and gas sector.
He stated that the initiative also fosters valuable synergies between foreign and local investors within the industry, which, he said, was an essential step towards driving in-country value addition and ensuring the sustainable development of the Nigerian content.
Komolafe’s good will message was delivered by the Executive Commissioner, Health, Safety, Environment and Community (HSEC), NUPRC, Capt. John R. Tonlagha.
He said: “Nigeria’s oil and gas industry has long been the mainstay of our economy, contributing significantly to our foreign exchange earnings providing substantial revenue for the nation’s development. It is crucial to acknowledge the sector’s role in our economic history while recognizing the urgent need to adapt and transform it to meet future challenges and opportunities.
“To achieve sustainable growth in the oil and gas sector, robust upstream investments are essential. Attracting both local and foreign investment requires concerted efforts to create an enabling environment characterized by stability, transparency, and regulatory certainty. Investors must have confidence in our legal and fiscal frameworks, confident that their investments are secured and will deliver profitable returns.
“Production growth, on the other hand, hinges on optimizing our existing resources and exploring new frontiers. This involves adopting cutting-edge technologies and best practices to enhance efficiency and reduce operational costs. It also means investing in infrastructure development to support exploration, development and production activities. By doing so, we can maximize our production capacity and ensure a steady crude oil and gas supply to meet both domestic and international demand.”
He added: “The NUPRC’s Mission in promoting sustainable value creation from Nigeria’s Petroleum Resources for shared prosperity, is geared towards: driving investment and production growth by supporting indigenous capacity development, empowering local talent and businesses which is not only a strategic imperative but also a moral duty, fostering local expertise, achieving a reduction in our dependency on foreign companies and creating a robust, self-sustaining industry, educating and training to create indigenous capacity is very crucial, hence investment in specialized education programs and vocational training tailored to the needs of the oil and gas industry and partnering with educational institutions and industry players to bridge the skills gap and equip our workforce with the knowledge and expertise required to excel in this sector.
“As we focus on investment and production growth, we must not lose sight of the need for sustainability and environmental stewardship. The oil and gas industry has a significant environmental footprint, and it is our responsibility to mitigate its impact. This involves adopting cleaner technologies, reducing emissions, and ensuring responsible resource management.
“The NUPRC is positioned and has developed various initiatives that align with the national goals and the Petroleum Industry Act 2021. We recognize the connectivity between climate change and energy security, particularly within the context of upstream petroleum operations. We are committed to fostering a sustainable and resilient industry that minimizes its environmental impact on our host communities, while optimising our hydrocarbon development for our collective benefit.”
